UK - Knauf Insulation has appointed Mercer Retirement Solutions to provide a packaged pension service.
The service, set up by Mercer Human Resource Consulting, features pension scheme management, administration, asset management and member communications for the pension scheme.
Knauf Insulation set up a defined contribution (DC) scheme for all employees in 2000. The scheme now has around 480 active members and 80 deferred members, and approximately £15m in assets with annual contributions of around £1.6m.
Knauf Insulation finance director and chairman of the trustees, Joe Rogers, said: "We identified and investigated other potential providers but found Mercer significantly reduces the work load and the day-to-day involvement of the trustees and, by having one point of contact for all elements of the scheme, it makes processes simpler and more effective."
Mercer Global Investments said it would also provide Knauf with multi-manager investment solutions.
Mercer UK leader for bundled pension services and principal, Chris Evans, said: "Mercer Retirement Solutions has been designed to accommodate both defined-benefit and defined-contribution occupational schemes under one service umbrella."
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.